SPX continued its run to the upside, adding $6 to close at $1585. One week ago, SPX bounced off support at $1540 and started a bullish run the next day that continues through today's market action. SPX is nearing the highs around $1595 set about two weeks ago. RUT closed up $6 at $940.The markets hit intraday peaks around 2 pm ET and declined from there but still held onto gains for the day. SPX hit a high of $1593 before turning back. Volatility remains relatively low with the VIX at 13.6%. Trading volume edged up with 2.8 billion shares of the S&P 500 stocks trading today. Trading volume increased 5% on the NYSE and increased 13% on NASDAQ.

Initial unemployment claims decreased 16 thousand to 339k and continuing unemployment claims decreased 93k to three million. Meanwhile, we hit a new record of 8.9 million on disability.

My May iron condor on RUT is up 6% with position delta = +$20 and position theta = +$57. If RUT climbs a few more points, we will be perfectly delta neutral with three weeks to go.

As I look at the SPX price chart, it is interesting that we are duplicating the run SPX made earlier in April, when it bounced off $1540 and headed higher to hit $1595 and then turned down. Now we are retracing the steps higher. Will SPX break out to new highs or be pulled back into the trading range? The nervous profit taking we saw this afternoon may grow. Stay tuned.